When those trusts are broken online, it hurts those involved personally as well as the companies who were storing personal information.
Apple Inc saw its market value fall by $26 billion on Wednesday after the hacking of personal, intimate photos were revealed with the images posted online.
Apple shares dropped over 4% to close at $98.94 its largest one-day drop since January.
The drop in the stock prices was not only due to the leaked photos of celebrities that were revealing, according to market insiders.
The drop also came on the same day that Samsung, Apple’s archrival debuted its new smartphones and its virtual reality headset, an insider said.
The debut has threatened to steal some thunder from Apple prior to next week’s anticipated high profile event that could unveil the latest generation iPhone and a smartwatch.
On Wednesday, Apple lost more than the market valuation of over 50% of the S&P 500 index.
The loss by Apple pushed the index into the red on the day.
However, Apple remains close to 30 points over its low of 52 weeks. It share price hit a low of all time on Tuesday.
Sure, Samsung has just announced its Galaxy Note Edge smartphone, but Apple is still the most dominant player in today’s consumer technology.
Apple also has its highly anticipated super top secret event on Tuesday September 9, which likely will be highlighted by its new generation iPhone and its new first ever iWatch.
While the media coverage involving the share drop mentioned the photo hacking, many financial analysts on Wednesday said they doubted that it had been significant.
The hacking yes was not pleasant for Apple but it was not a wow event like next week will be for the Cupertino, California based technology behemoth.
One analyst warned that Apple had little room for error in the delivering of its next iPhone.